Issues in implementing IFRS in post IFRS harmonization areas

Running head: ISSUES IN IMPLEMENTING IFRS IN POST IFRS HARMINIZATION
AREAS
Issues in implementing IFRS in post IFRS harmonization areas
Name of the student
Name of the university
Student ID
Author note

ISSUES IN IMPLEMENTING IFRS IN POST IFRS HARMINIZATION AREAS
Executive summary:
For the purpose of analysis, six companies have been operating in the same sector selected
from two difference countries. For the analysis, six companies have been chosen from
minerals and material sector listed on the New York Stock Exchange (NYSE) and
Australians stock exchange (ASX). The three companies from ASX include BHP Billiton
Limited, Rio Tinto and Boral Limited and other three companies that are selected from
NYSE include Halcon Resources Corporation, CNX resources Corporation and EQT
Corporation.

ISSUES IN IMPLEMENTING IFRS IN POST IFRS HARMINIZATION AREAS
Table of Contents
Introduction:...............................................................................................................................3
Discussion:.................................................................................................................................3
Answer to requirement A:..........................................................................................................3
Answer requirement B:..............................................................................................................3
Answer to requirement C:..........................................................................................................3
Answer to requirement D:..........................................................................................................3
Conclusion:................................................................................................................................3

ISSUES IN IMPLEMENTING IFRS IN POST IFRS HARMINIZATION AREAS
Introduction:
The report is prepared to conduct a detailed investigation on the convergence of IFRS
(International financial reporting standard) and whether the objective of such convergence
has been achieved or not. The study takes into account the perspectives of institutional theory
for explaining the challenges faced in implementing IFRS and in its convergence.
Convergence of the accounting standard implies that establishment of single set of accounting
standard at the international level that helps in reducing the diversity in the reporting format
between different countries. Increasing the comparability of the financial statement is one of
the primary objectives of the convergence US GAAP (Generally accepted accounting
principles) and IFRS (Baskerville and Grossi 2019). The evaluation of the IFRS convergence
is done by comparing the basis of the preparation of the financial statements of different
companies operating in the same industry and selected from two different countries. These
comprised of BHP Billiton, Boral limited, Rio Tinto, Halcon Resources, EQT Corporation
and CNX resources limited. Just like any other transitional process, convergence is not an
easy task and the prospects and issues are there both in the developing and developed
economies. The current paper highlights the looks into the extent to which the IFRS has been
successful along with the issues faced due to the adoption of such internationalized standard.
Discussion:
Answer to requirement A:
Convergence of the accounting standard refers to the objective of establishing a single
set of high quality accounting standards that would be used at the international level and the
efforts of the accounting standard board in achieving such objectives. The essence of
convergence lies in the promoting simplicity, consistency, streamlining, transparency and